B.Riley FBR analyst Craig Kucera reiterated a Hold rating on National Retail Properties (NNN) today and set a price target of $55. The company’s shares closed yesterday at $52.65.
Kucera commented:
“We are modestly raising our earnings estimates for Properties, Inc. (NNN), post 1Q19 results, which were largely in line with expectations, and reiterating our $55 price target. 1Q19 core FFO of $0.67 were in line with our forecast and the consensus, and 2019 guidance was reiterated, at $2.71–$2.76 (core however, acquisition cap rates in 1Q19 were ~30 bps better than forecast (at ~7%, vs. our 6.7% estimate). As such, we are raising our 2019 core FFO estimate, from $2.74 to $2.75, while also raising our 2020 core FFO estimate, from $2.86 to $2.87. NNN currently trades at 120% of our $44.02 NAV estimate (based on 2019E 6% cap rate), vs. peers trading at 124%.”
According to TipRanks.com, Kucera is a 4-star analyst with an average return of 6.3% and a 67.8% success rate. Kucera covers the Financial sector, focusing on stocks such as NexPoint Residential Trust Inc, Urstadt Biddle Properties Inc, and Consolidated-Tomoka Land Co.
National Retail Properties has an analyst consensus of Moderate Buy, with a price target consensus of $54.75.
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National Retail Properties’ market cap is currently $8.5B and has a P/E ratio of 40.87. The company has a Price to Book ratio of 2.41.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock.
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National Retail Properties, Inc. is a real estate investment trust, which engages in investing in properties subject to long-term net leases. It also acquires, owns, invests in, and develops properties that are leased to retail tenants under long-term net leases and held for investment.
